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購屋貸款變數與住宅市場關聯性之研究 / The Relationship between the Mortgage Lending Variables and Housing Markets江佳玟, Chiang, Chia-Wen Unknown Date (has links)
近十年來,因投機需求、游資充斥等原因使台灣房價成長之上升趨勢明顯高於許多國家,房屋交易方面則呈現明顯起伏不定之走勢,台灣政府單位為達成物價穩定、金融穩定與經濟成長等目標並且避免金融危機再度發生,透過制定及執行貸款管制政策,期能有效抑制假性需求與房價上漲趨勢。
然而,貸款管制是否能有效抑制房價,過去未有文獻針對購屋貸款管制工具與房價及住宅交易量觀察長期趨勢關係並缺乏整體性探討,故本研究欲藉由探究貸款成數與購屋貸款餘額占國內生產毛額比率與住宅市場間是否存在長期、短期影響或其間因果關係,以得知是否政策的投入能夠確切影響標的、達成目標。
本文嘗試以 2000 年第一季至2016 年第二季之貸款管制工具變數及總體經變數資料,運用 ARDL Bounds Test、ARDL-ECM 模型及Toda and Yamamoto 因果檢定探究購屋貸款管制變數對於台灣住宅市場間之長期與短期動態關係及因果關係。研究結果顯示,購屋貸款管制變數對於房價及交易量有顯著之影響,尤其對於住宅交易量方面具有較為明顯之效果,因此,期望透過本研究對於台灣未來金融、房市政策規劃提出建議。 / Over the past decade, an abundance of money and speculative demand from the Quantitative Easing (QE) monetary policy drove the housing price in Taiwan to rise
sharply, and the volume of housing market is unstable. To stabilize the financial markets, the government have formulated policies on housing markets and mortgage control to curb rising housing prices.
In order to understand the effect of mortgage control on curbing housing price, this study examines the long-run and short-run relationship and causality effect among loan-to-value ratio and mortgage-to-GDP ratio and housing markets. This study used ARDL model, bounds test and Toda and Yamamoto causality to analyze quarterly data over the
period 2000-Q1 to 2016-Q2. Empirical results show that mortgage control has significant effects on the housing market. Results further shown that the influence on the volume is more obvious than on the price. Results of this study provide precious policy implications for future housing financial sectors.
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Linkage between FinTech and Traditional Financial Sector in U.S. : Comparative Study during and after Global Financial CrisisChen, Chunyan, Zhang, Ziyi January 2018 (has links)
Background: In 2008, the financial crisis led to the deterioration of the global economy. The financial industry suffered severe setbacks. On the one hand, regulators strengthened their supervision over financial institutions and raised capital requirements. On the other hand, publics’ confidence in financial institutions declined. At the same time, the fintech industry has rapidly developed during this decade, they use technology to make financial innovation and pose a threat to the traditional financial industry. Purpose: This paper aims to study the linkage between U.S. fintech and the traditional financial sector, trying to figure out which industry's stock price changes will affect the stock price changes in another industry. In particular, it also considers whether the global financial crisis will affect this relationship. Method: We first perform the Granger causality test under the VAR framework for several selected indices sequences, and then use the Toda Yamamoto version of Granger causality approach to verify the reliability of the above tests. Testing is divided into different time intervals in order to detect the impact of financial crisis on the relationship between time series. Conclusion: The empirical analysis results show that the correlation between the index in the long-term and short-term is inconsistent, and also shows that the correlation between the index will be affected by the financial crisis, or say, it will change as time varying.
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Effects on the economy of Brazil of a withdrawal of foreign direct investmentHöner, Enrique, Dick, Sophie January 2022 (has links)
Foreign direct investment flows are an important theme in the analysis of global capital flows. The study aims to analyse the effect a withdrawal of FDI has on the economy of Brazil. This is based on the sharp decrease FDI inflows have seen during 2020. The study is based on the theory of David Ricardo and microeconomic and macroeconomic FDI theories. A vector autoregressive model (VAR) was applied using the Toda andYamamoto methodology. The findings show that FDI inflows are positively affected by an increase in GDP and negatively affected by an increase in real average monthly wages. Furthermore, no effect of FDI on any of the considered variables could be determined. This can be attributed to the complexity of the Brazilian economy during the considered period of March 2012 – October 2021, as well as a possible omitted variable bias. This thesis is intended to serve as an avenue for further research on the effect FDI withdrawals have on the Brazilian economy.
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